Airports Company SA (Acsa) has reported a robust set of financial results for the year ending March 2025, posting a net profit of R1.1bn — more than double the R506m recorded in the previous year — as it capitalised on rebounding air traffic, higher tariffs and improved trading conditions.
Total revenue rose 13% to R7.9bn, supported by a 13.2% increase in aeronautical income to R4.1bn, as aircraft movements edged higher, departing passenger volumes grew by 4% and a 10.1% tariff hike boosted earnings.
Non-aeronautical revenue climbed 11.7% to R3.8bn, underpinned by strong performance from retail concessions and property rentals.
Management credited the group’s “Innovate, Grow, and Sustain” strategy and revised financial plan for the turnaround, calling it “a structured management approach and a means of resourcing the business in a way that has enabled the group to secure and safeguard its long-term sustainability.”
Commenting on the results, Acsa CEO Mpumi Mpofu said: “Our performance this year has been a story of contrasts, strong financial delivery on one hand, and operational headwinds on the other. It has demanded from us commercial discipline, executional rigour and also humility and renewed accountability.”
In January, passengers were left stranded at airports after aircraft were unable to refuel, forcing airlines to divert to alternative locations such as Windhoek, King Shaka International Airport in Durban, and other destinations to secure fuel. The disruption caused significant inconvenience to both passengers and crew.
The fuel shortage stemmed from the temporary closure of the National Petroleum Refiners of SA (Natref) refinery, which was shut down after a fire on January 4 and only resumed operations in February.
Acsa has also been in a dispute with Aviation Coordination Services over hold baggage screening and other services. The dispute, which also involves the SA Civil Aviation Authority, has resulted in multiple review applications, interdictory proceedings, and related appeal proceedings in the high court.
“While these challenges were significant, they taught us valuable lessons to focus on preventive maintenance and avoid service disruptions for our stakeholders the airlines and passengers,” Mpofu said.
“This we will achieve through continuous improvement, targeted infrastructure investment and enhanced operational readiness and customer experience. Acsa’s performance demonstrates disciplined financial management and a successful strategy of revenue and services diversification.”
Acsa’s earnings before interest, tax, depreciation and amortisation (ebitda) grew 3.8% to R2.9bn. However, operating expenditure increased by a steeper 19.2% to R4.9bn, reflecting rising maintenance costs, utilities, and employee remuneration — the latter of which surged 30.6% to R2.1bn due to the internalisation of airport security staff and the filling of critical vacancies.
Despite these pressures, Acsa improved its financial position. The group’s gearing ratio — a key measure of debt relative to equity — fell to 8% from 17%, aided by fair value gains on investment properties and reduced credit losses.
Capital expenditure rose to R861m from R568m in the previous year, as the group prioritised asset refurbishment, technology upgrades and infrastructure efficiency. This signals confidence in a long-term passenger recovery, particularly ahead of key international events such as the G20 summit in November.
The auditor-general issued an unqualified audit opinion but flagged restatements in prior-year figures and the materiality of irregular expenditure.
Corrections in the financial statements included R134m in unpaid security contract costs that had not been recorded on time, plus R17m in related interest charges. Acsa also reversed R83m in interest it had previously charged customers on overdue rental payments. In addition, it made a R265m adjustment to the value of its assets after realising that some equipment and infrastructure had been written off too quickly and were still in use.
In June, Acsa said in a statement it is working to improve the experience for passengers by stepping up safety and cleaning measures, especially in busy and sensitive areas.
At OR Tambo International Airport, a phased refurbishment of ablution facilities — including male, female, baby-changing and accessible amenities — began in December 2024 and is expected to be completed by December 2025. The project aims to improve hygiene standards and overall passenger comfort.
The company also announced the rollout of a major infrastructure upgrade programme aimed at modernising its airports, improving reliability, and preparing for future growth.
Other projects include installing a new jet fuel pipeline and backup power systems at OR Tambo International, replacing passenger loading bridges, upgrading power supply units, and refurbishing lifts and escalators.
The company is also updating its landing and weather systems to meet safety standards, while terminal improvements — including roofing, ventilation and fire infrastructure — are under way to create a safer, more efficient airport environment. Most of these projects are set for completion in 2025-27.
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